Gunnebo Sees Growth in India for Security Systems

Kolkata, June 23 (PTI) A subsidiary of the Swedish security solutions major, Gunnebo India Limited today said India has high growth potential for varied types of security systems.

"We consider India a high growth market where double digit is easily achievable as compared to hardly 2 to 3 per cent growth in western markets," Gunnebo India Managing Director Nicholas Roberts said here.

He said with the rapid growth in the India banking sector the company has a target of achieving 20 per cent growth in the current year.

Gunnebo India, formerly Steelage Industires Limited, had a turnover of Rs 85 crore during 2005-06. Gunnebo had taken over Steelage in 2001.

Detailing growth plans, he said, the company was looking for small acquisitions in the country to expand its operation as the market was highly prospective.

Gunnebo caters to all types of security through three types of strategic business units namely banks and secure storage, retail and minimax division.

Gunnebo is the only company in south east Asia to manufacture physical security products as per international standards and has been exporting state-of-the-art security products to Europe, USA, Canada, Africa for a number of years, he said.